Open to Debate Bonus Podcast: Should We Abolish the Minimum Wage?
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Sep 4, 2015 The podcast discusses the origins of Labor Day and the ongoing debate on whether the minimum wage should be abolished. It explores the moral argument against the minimum wage, the potential effects on employment, and the need for a living wage. The chapter also delves into the consequences of abolishing the minimum wage, including impacts on payroll taxes and welfare benefits. The podcast challenges the concept of the minimum wage and presents a success story of a Mexican immigrant who achieved prosperity despite starting with a below minimum wage job.
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Minimum Wage Debate Framed As A Moral Question
- Abolishing the minimum wage is framed as a moral question about whether it helps the poorest families or harms them.
- Russell Roberts argues higher legally imposed wages make low-skilled workers more expensive and reduce their job opportunities, worsening their prospects.
Longstanding Policy With Broad Support And Limited Harm
- Jared Bernstein argues abolishing the minimum wage would hurt millions and that research shows the policy raises pay with minimal job loss.
- He notes 75 years of the policy, 22 federal raises, and 19 states with higher minimums as evidence of its acceptance and effectiveness.
New Hampshire Worker Lost Job After Raise
- James Dorn recounts a New Hampshire woman who lost her job after a minimum wage increase to illustrate job loss risk.
- He uses the personal case to argue minimum wage can deny willing workers the chance to work at lower agreed rates.